The management company is chosen by the condominium association. The management company has an important function. As a rule, its duties are precisely defined in the management contract, and sometimes also in the condominium bylaws. They include: administration and accounting (insurance premiums, ...
This system is similar to the one in which homeowners pay HOA fees. Condo associations also decide the CC&Rs (or covenants, conditions, and restrictions) of a complex, which are bylaws regulating what condo owners can and can’t do with their space (for instance, subletting) and the ...
1. A condominium association is a governing body that manages and maintains a condominium complex’s building, common areas, and facilities. 2. They are typically run by a board of directors or an elected group of homeowners. 3. The association enforces rules and regulations to maintain the c...
This info might include a list of officers, a copy of condo bylaws, or documents proving the building has a large enough reserve fund of cash to cover maintenance or future repairs. The condo board might need to resolve more serious issues to move a building from “rejected” by the VA ...
“Procedures governing the removal of trustees are also found in the New Jersey Non-Profit Corporation Act, N.J.S.15A:6-6. By way of example, N.J.S.15A:6-6.a. provides, in part, that if the certificate of incorporation or the bylaws provide for election of trustees by the members...
A responsible board will be aware of the inevitability of these major repair projects, as everything from building systems to roofs to facades all face gradual wear and tear. “These projects are often necessary 15-20 years into the existence of a property,” notes Charles F. Withee, Presid...
a board vote. With residents home from work and children out of school, there are going to be a lot more people in the common areas during the day for the unforeseeable future. The rules may have to change. For example, communities usually have rules against creating a nuisance condition;...
You can expect anycondominium associationto have these charges for the community. They are referred to ascondo fees. Condo owners pay these dues as part of being members of the community. What Do The Dues Cover? The purpose of an HOA fee is to provide the necessary funds for the operation...
Nonprofits and corporations are good examples of organizations. The general purpose of a nonprofit is to serve the community, while a corporation’s purpose is to generate revenue. The IRS requires nonprofits to have articles of incorporation, corporate bylaws, and meeting minutes. If the government...
acondominium—usually shortened to just condo—you may be surprised at all of the different issues to consider. Buying a condo is not the same as buying a house. You'll likely have adjoining walls with your neighbors, as well as other physical elements that are different from a freestanding...